§ 7233 - Term of loans

CHAPTER 100— AGRICULTURAL MARKET TRANSITION › SUBCHAPTER III— NONRECOURSE MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS

(a) In the case of each loan commodity (other than upland cotton or extra long staple cotton), a marketing assistance loan under section 7231 of this title shall have a term of 9 months beginning on the first day of the first month after the month in which the loan is made.

(b) A marketing assistance loan for upland cotton or extra long staple cotton shall have a term of 10 months beginning on the first day of the month in which the loan is made.

(c) The Secretary may not extend the term of a marketing assistance loan for any loan commodity.